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In 2018, Smiths Corp. issued a $100 par value preferred stock that pays a 7 percent annual dividend. Due to changes in the overall economy

  1. In 2018, Smiths Corp. issued a $100 par value preferred stock that pays a 7 percent annual dividend. Due to changes in the overall economy and in the company's financial condition, investors are now requiring a 10 percent return. What price would you be willing to pay for a share of the preferred if you receive your first dividend one year from now?

    $92.86

    $30.00

    $70.00

    $63.38

    $68.37

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